Of course, it could be that France’s minimum wage is too high compared to the one that Krugman advocates for the U.S. Krugman supports Pres. Obama’s call for a $10.10 hourly minimum wage. So how does the employment-discouraging minimum wage in France compare to the allegedly prosperity-enhancing, non-employment-discouraging minimum wage that Krugman, Obama, et al., support for the U.S.? According to Bluecravat, France’s current minimum wage, when adjusted for purchasing-power parity, is $9.30 per hour, a rate that is lower than the minimum-wage rate advocated by Krugman, Obama, et al.

The minimum wage is terrible anti-poverty policy. The thing to remember is that A. The majority of minimum wage earners are not poor (or in the poorest 20%); and B. The majority of the poor don't earn minimum wage. In most cases, the poor are poor because they don't get enough hours or don't have a job at all, a situation that will only be made worse with a higher minimum wage.